Madison is incorporated in Nevada. Shares trade in New York under the ticker symbol MDEX. Current price per share is just 36 cents, nearly 300% above its September low. Opportunities as clear and sparkling as this one come along rarely. Carpe diem!

There are those rare times when the decision to invest in a particular stock or industry is a no-brainer: homeland security in the wake of 9-11, gold in the fall of 2001, and China in early 2002, for example, to name a few prescient calls. The Canadian diamond industry and diamond explorer Madison Explorations present us with just such a unique opportunity.

Canadian Diamonds: An Industry in the Rough
Canada is entering only its sixth year as a diamond player, but already it's the world's #3 diamond producer, behind Botswana and Russia. From 2002 to 2003, Canadian diamond production more than doubled to 11.2 million carats. In a very short time, Canada has gone from a non-entity in the diamond biz to a supplier of about 15% of the world's rough diamonds. Today, nearly half of all funding for diamond exploration goes to Canada.

Even more impressive than the huge growth itself is the fact that that huge growth has come on the strength of just two active diamond mines: Ekati, jointly operated by Dia-Met and BHP, and Diavik, jointly operated by Aber and Rio Tinto. Tahera's Jericho Mine will go online next year. Snap Lake, a joint venture between De Beers and Winspear - is slated for full production in 2007. It will propel Canada passed Russia into the #2 spot amongst the world's diamond producers - with just four active mines! In terms of end-market, Canadian diamonds have a crucial advantage over the competition: Unlike diamonds from Angola, Liberia, and Sierra Leone, for instance - "blood diamonds" used to finance bloody political conflict, Canadian diamonds are "clean." Consumers' preference for clean diamonds is one of the reasons Tiffany struck a deal with Tahera to buy or market all the diamonds Tahera's Jericho Mine produces. Tiffany refuses to sell "blood diamonds."

Madison Explorations: An Investor's Best Friend
The Northwest Territories has been the preferred target area for diamond explorers. Shore Gold's discovery of a 19.7 carat rock at its Star Diamond Project last year intensified exploration in Saskatchewan, the second most active exploration area in the Northwest Territories as measured by money inflows. Madison Explorations is the most active explorer in Southern Saskatchewan. That includes the De Beers-Kensington partnership. Madison's primary area of exploration is Scout Lake, which, according to the Saskatchewan Geological Survey, is one of the two most promising diamond areas in the province. That conclusion confirms the work of Dr. Joseph Montgomery, the director of five mining companies and Madision's lead diamond explorer. Dr. Montgomery has spent more than a decade surveying the area. He is a person of considerable expertise and is exceptionally well regarded in the metals and minerals discovery business. Dr. Montgomery has been involved in more than 300 prosperous mineral explorations all over the world, including projects for Diamond Fields. Based on his ten years surveying Scout Lake, Dr. Montgomery believes it is one of the most promising diamond locations he's ever seen and that the area could be home to the largest diamond deposit in the province

Madison is the only active explorer in Scout Lake, which, from a geological standpoint, has many of the same characteristics as Fort à la Corne, where Shore Gold made last year's spectacular discovery. Madison is currently exploring two other potential diamond properties in Southern Saskatchewan, Bulls-eye and Bronco. The results of early indicator studies at both properties have been very favorable.

Winspear, Dia-Met, and Aber each partnered with a more senior diamond producer. Madison is currently the only active explorer in one of the most potentially diamond-rich regions within a national industry that is experiencing dazzling growth and whose full potential is only just now being tapped. We would not be surprised to see Madison follow the trend and partner up with a De Beers, for instance. In the meantime, look for additional diamond property acquisitions and discoveries by this aggressive upstart - and for substantial share price appreciation over the mid- to long-term.

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